First Niagara to make pre-tax adjustment

First Niagara Financial Group Inc. will adjust its pre-tax earnings by $16 million, or 3 cents a share, to accelerate premium amortization on its collateralized mortgage obligations, the bank announced Wednesday.

The adjustment reduces the amount of unamortized premium on the mortgage portfolio to reflect substantial prepayments received in recent months and elevated levels of cash flows anticipated in the future, the bank said in a statement.